Vietnam improving readiness to attract foreign investment: official

Vietnam has been applying itself to making institutional, infrastructure, and manpower improvements in efforts to attract more foreign investment, especially in such big industries as electronics and semiconductor, said Deputy Minister of Planning and Investment Do Thanh Trung.

He made the remark at the Government’s regular press conference on May 4 in response to the media’s question about some large foreign businesses’ interest in the Vietnamese market.

Trung pointed out that foreign businesses invest in not just Vietnam but various countries. Their investment decisions depend on many factors of which objective factors, subjective factors, and Vietnam’s readiness are main ones.

Objective factors include the geopolitical and economic situation in the world, the region and Vietnam, investment trends, and the shift of supply chains among countries around the globe.

Subjective factors include investment strategies and targets of businesses, the suitability of each country and region to them, resources, and implementation feasibility.

Meanwhile, the Government, the Ministry of Planning and Investment (MPI), and other ministries and sectors have been striving to promote the institutional, infrastructure, and manpower readiness of Vietnam to attract those firms, he noted.

In terms of regulation, Trung elaborated, the country has been perfecting policies, laws, mechanisms, and policies to improve the business and investment climate. It is also considering specific mechanisms and attractive incentives for technology, semiconductor, electronics, and chip companies.

Vietnam has been working to ensure the best possible transport infrastructure, including road, waterway and air transport facilities, along with infrastructure serving production such as electricity. Hi-tech parks and innovation centres are also being developed to create an even better environment for investors.

Regarding human resources, it has been building concrete programmes, Trung went on, saying that aside from the units capable of training and researching like universities and big companies, the Government and the Prime Minister assigned the MPI to draft a plan on training 50,000 engineers for the semiconductor industry, and the draft has already been submitted.

He revealed that foreign businesses highly value the Government’s determination to develop the semiconductor and chip industry. Aside from the US, investors from Japan, the Republic of Korea, have Taiwan (China) have also moved to make investments in Vietnam.

The Deputy Minister expressed his belief that with efforts by the Government and agencies, clearer results will be recorded in the time ahead./.

VNA